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Craft Cultivators Strive to Combat Black Market Sales with Premium Cannabis

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The cannabis industry is set to maintain its positive trajectory as legalization sweeps throughout the U.S., Europe, and Latin America. For instance, Jefferies Group, an investment bank, predicts that these regions will legalize cannabis for both medical and recreational use in the shortcoming years. Moreover, Jefferies projects that the cannabis industry will also penetrate into various industries such as pharmaceutical, alcohol, health and wellness, and pet supply industries. Notably, Canada made headlines in 2018 after it became the second country to ever legalize cannabis and the first G-7 nation to do so. Additionally, the remaining G-7 nations, with the exception of Japan, have all adopted partial or full medical cannabis programs, while several have decriminalized the recreational use of cannabis. Uruguay was the first country to fully legalize cannabis back in 2013. And while Canada and Uruguayhave both legalized cannabis entirely, the U.S. remains the largest sole market in the industry. Despite not having federally legalized cannabis, the country still delivers billions of dollars in cannabis sales annually, largely thanks to states such as CaliforniaColoradoNevada, and Washington. Jefferies predicts that less regulated markets can account for nearly USD 80 Billion of the total global cannabis market value. Specifically, Jefferies projects the U.S. cannabis market to reach a value of USD 21.7 Billion by 2029, compared to Canada’s estimate of just USD 5.8 Billion. Additionally, the estimated value is added onto Jefferies’ base valuation for the global cannabis industry of USD 50 Billion by 2029, a figure that accounts for the countries that have already legalized cannabis for either medical or recreational use. As a result, Jefferies forecasts that the total global legal cannabis industry is positioned to reach USD 130 Billion by 2029. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), HEXO Corp. (NYSE-A: HEXO) (TSX: HEXO), Charlotte’s Web Holdings, Inc. (OTC: CWBHF) (TSX: CWEB), The Supreme Cannabis Company, Inc. (OTC: SPRWF) (TSX: FIRE), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH)

While the legal cannabis industry is growing worldwide, the black market is still heavily prevalent in many regions. Jefferies’ analysts accounted for the global illicit market in its research, which the firm estimated it to be valued at around USD 150 Billion to USD 200 Billion. Jefferies’ estimates note that the overall cannabis market, including both legal and illicit channels, would be currently valued at approximately USD 210 Billion. Jefferies did also mention that the eradication of the black market would take some time because it would require global legalization. Nonetheless, the number of consumers purchasing from the black market have dwindled in regions where cannabis is legalized. For instance, during Canada’s first quarter of legalization, it was reported that an estimated 47% of cannabis users or 2.5 million Canadians purchased their supply from a legal vendor, which has more than doubled year-over-year, according to Statistics Canada. Many companies within the cannabis marketspace have also made it their mission statement to eliminate illicit sources and provide consumers with high-quality products. For this reason, cultivators have engaged in advanced growing methods and techniques to outshine the black market. In recent years, cultivators have practiced the artisanal profession of growing “craft cannabis,” which is known to be a meticulous process of growing cannabis. Craft cultivators pride themselves on premium and naturally grown cannabis that stands out when compared to large-scale producers and illegal vendors. To emphasize, craft cultivators stray away from artificial byproducts such as pesticides to create a more organic end product. By avoiding the use of pesticides, cultivators are required to tend to each individual plant to avoid molding or infestations, while the attentive procedure also ensures that each and every plant grows high-quality buds. While craft cannabis is generally costlier than wholesale-produced cannabis, the quality between the two is drastically different. Generally, craft cultivators engage more hands-on, meaning that plants are hand-trimmed and carefully packaged to assure that the buds are intact and maintain their cannabinoids. “Large-scale production has such a negative connotation right now that everyone is rushing to be ‘craft’ or ‘small-batch’ or ‘artisanal,’” Jake Browne, Co-Founder of The Grow-Off said. “In reality, a lot of this product [large-scale producers] is machine trimmed and packed by temp workers barely making minimum wage.”

Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT) is also listed on the Canadian Securities Exchange under the ticker (CSE: CRFT). Earlier last month, the Company announced the “addition of three well-respected cannabis experts to the growing Pasha family: Scientific researcher Dr. Cris Felipe Alves, second-generation cultivator and consultant Travis Lane, and lifelong cultivator Kemal Morris.

As a solution provider to the craft cannabis industry, Pasha subsidiary BC Craft Supply Co. Ltd. (“BC Craft Supply”) aims to provide cannabis farmers with the tools to transition to new regulations governing the micro-cultivation licence category. These experts will assist farmers in making that transition.

‘I’m thrilled to have these experts join our team, and, with their support, I look forward to disrupting the market with craft products that will help solve Canada’s ongoing supply chain issues,’ said Patrick Brauckmann, Executive Chairman of Pasha Brands. ‘With these additions to the Pasha family, I’m confident that enthusiasm for craft products will continue to grow.’

Dr. Cris Felipe-Alves has worked in academic and commercial settings in AustraliaAsia, and North and South America, and holds a B.Sc in Biological Sciences from the University of Brasília, and a PhD in Molecular Biology and Biochemistry from Nagoya University. While working as a senior scientist at a global diagnostics company, he led a team of researchers from discovery to R&D and sales of molecular tools designed to detect cancers non-invasively. During this time, he became interested in the potential for cannabis as a curative agent against several types of cancer. Since then, he has worked as an extraction specialist and a Quality Assurance Manager. He will act as the Senior Quality Assurance Person at BC Craft Supply.

‘Here at Pasha, I feel at home and am proud to be part of a brand house that has a focus on craft products,’ said Dr. Felipe-Alves. ‘I look forward to helping Pasha generate safe and efficient cannabis-based products that suit the needs of both recreational and medical consumers both in Canada and around the world.’

Renowned cultivator and consultant Travis Lane has been growing cannabis for more than 20 years. An organic, living-soil-based cultivator who has advocated for the facilitation of pesticide-free, sun-grown cannabis production, Lane has been involved in the founding of numerous small cannabis businesses over the last decade, including a successful chain of storefront dispensaries, a thriving online mail order service, and was a founding partner in one of the most successful hydrocarbon extraction brands in the country. Under legalization, Lane has divested from the illicit market to focus on multiple Cannabis Act license applications, as well as his work with Groundwork Consulting, focused on government relations and licensing for cultivation and retail, and Levity Solutions, a multi-purpose cannabis consultancy focused on assisting aspiring legal cultivators. He will act as a consultant for Pasha Brands and its subsidiaries.

‘The level of talent and expertise that exists in the prohibition-era marketplace is beyond impressive,’ said Lane. ‘These long-time innovators will represent a huge market factor once licensed, and I am proud to help Pasha facilitate this next wave.’

Kemal Morris is a lifelong cultivator who has had his hands in the soil ‘since before he could walk’. He watched his parents grow their own food – and cannabis – on Saltspring Island, British Columbia. Soon after Canada launched its first medical cannabis program in 2001, he spent 14 years learning the intricacies of breeding and extract production. In addition, Morris has spent the last four years launching a prominent Canadian Licensed Producer. He is passionate about patients and has connected hundreds of struggling patients with medicine. As the Master Grower for Pasha Brands’ owned Vancouver Island Licensed Producer, MedCann, Morris will act as facility designer, cannabis expert, educator and facilitator.

‘After completing a four-year term in the regulated industry, I am excited to work with Pasha,’ said Morris. ‘I finally have the opportunity to share all that I have learned with the cannabis enthusiasts I came up with, and I’m proud to be part of a company that is breaking the big business mold – affording a rightful place to the people who risked everything to create this thriving industry.’

About Pasha Brands: Based in Vancouver, British Columbia, Pasha is a vertically integrated, prohibition-era brand house firmly rooted in BC’s craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella. Pasha subsidiary, Medcann Health Products Ltd. is a Health Canada licensed cultivator and processor with a licence to sell medical cannabis products in Canada. Pasha and BC Craft are also developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market. Pasha’s common shares trade on the CSE under the symbol “CRFT”. For more information, please visit www.pashabrands.com

For our latest “Buzz on the Street” Show featuring Pasha Brands Ltd. recent corporate news, please head over to:

 

HEXO Corp. (NYSE-A: HEXO) (TSX: HEXO) is an award-winning consumer packaged goods cannabis company that creates and distributes prize-winning products to serve the global cannabis market. HEXO Corp. and Newstrike Brands Ltd. recently announced that they had entered into a definitive arrangement agreement under which HEXO will acquire, by way of a plan of arrangement under the Business Corporations Act (Ontario), all of Newstrike’s issued and outstanding common shares in an all-share transaction valued at approximately USD 263 Million. The Transaction gives HEXO the capacity to produce approximately 150,000 kg of high-quality cannabis annually. The Transaction also provides HEXO access to four cutting-edge production campuses totalling close to 1.8 million sq. ft. of near-term cultivation space and diversified growing and production techniques. This is in addition to HEXO’s 579,000 sq. ft. facility for a manufacturing and product development center of excellence in Belleville, Ontario. Combined, HEXO and Newstrike have established distribution agreements in 8 provinces including OntarioQuebecBritish ColumbiaAlbertaSaskatchewanManitobaNova Scotia, and Prince Edward Island, allowing broad consumer access to HEXO’s products across Canada. Newstrike’s licensed indoor facility provides HEXO with access to diversified growing techniques and positions HEXO for flexibility for international exports as global cannabis markets continue to open. “We’re thrilled to welcome the Newstrike team into the HEXO family.  Jay Wilgar, Chief Executive Officer of Newstrike, and his team have built incredible relationships, including teaming up with The Tragically Hip, and they share HEXO’s vision of bringing exceptional branded cannabis experiences to adults everywhere,” said Sebastien St-Louis, Chief Executive Officer and Co-Founder of HEXO Corp. “With Newstrike, we’re adding talented employees and infrastructure to take HEXO to the next level on our journey to become one of the largest cannabis companies in the world. We’re extremely proud of our record of execution, and today are committing to achieving over USD 400 Million in net revenue in 2020.”

Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) (TSX: CWEB) is the market leader in the production and distribution of innovative hemp-derived cannabidiol (“CBD”) wellness products. Charlotte’s Web Holdings, Inc. recently reported final hemp planting for its 2019 growing season. In order to meet growing demand from consumer and retail channel partners, total acres planted for 2019 has been increased to 862, an 187% increase from 300 acres planted in 2018. In 2016, 2017 and 2018, the Company produced 41,000 lbs., 63,000 lbs. and 675,000 lbs., respectively, of dried hemp biomass. “Interest and demand for our products has been exceptional and growing rapidly. Our 2019 planting strategy ensures we will have the required raw materials to deliver on production targets for Charlotte’s Web products through 2020 and into 2021,” stated Deanie Elsner, Chief Executive Officer of Charlotte’s Web. “Our leading CBD hemp varieties under cultivation today are the foundation of our 2020 production plan. Tens of thousands of Americans have come to rely on Charlotte’s Web products daily making it essential that our products are always available, efficacious and consistent day-to-day, bottle-to-bottle, year-to-year.”

The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) (TSX: FIRE), is a globally diversified portfolio of distinct cannabis companies, products and brands. The Supreme Cannabis Company, Inc., in partnership with Khalifa Kush Enterprises Canada ULC, recently launched KKE Oil, the first product under the KKE brand line. KKE Oil is a premium, recreational focused oil, developed for the consumer who wants the convenience, high THC potency and precise dosing offered by a cannabis oil. KKE Oils are one of the first ever recreational-focused cannabis oils available to consumers in CanadaWiz Khalifa and the KKE team specifically selected the Supreme Cannabis’ wholly-owned subsidiary, 7ACRES Sensi Star strain for the debut of the line. “We firmly believe that a high-quality input supports high-quality output and KKE Oil embodies this belief. We are excited to launch one of the first recreational focused cannabis oils in Canada with Wiz Khalifa and the KKE team. KKE Oils are easy to consume, effective and deliver the aromatic terpene profile 7ACRES’ Sensi Star is known for. We can’t wait to launch the full suite of KKE products, including KKE Jean Guy Oil, later this year,” said John Fowler, President and Founder of Supreme Cannabis.

Emerald Health Therapeutics Inc. (OTCQX: EMHTF) (TSX-V: EMH) is a Canadian licensed producer of cannabis. Emerald Health Therapeutics, Inc. recently reported that is had expanded its agreement to purchase harvested hemp flower and leaf, or hemp chaff, from Emerald Health Hemp Inc. (“EHH”) from 1,000 to 1,200 acres for 2019. EHH is a wholly owned subsidiary of Emerald Health Sciences Inc. and a related party of Emerald. Based on last year’s harvest, Emerald expects production from the 1,200 acres to be at least 270,000 kg of hemp chaff in 2019 with, conservatively, approximately 2% cannabidiol (“CBD”) content. Emerald estimates that this hemp may yield 3,500 kg of extracted CBD, which it plans to use to manufacture premium oils, softgels and associated value-added products for Canadian adult-use and medical consumers. “Emerald, through its partnership with the Factors Group and their scalable processing capacity, is uniquely situated to become one of Canada’s leading producers of premium CBD products from hemp,” said Dr. Avtar Dhillon, President and Executive Chairman. “We established our first-mover advantage in 2018 by securing hemp on a large scale and gaining production insights that will benefit us in 2019. With even more supply contracted for this year, we expect significant near-term growth in this market segment.”

 

SOURCE FinancialBuzz.com

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City View Green Holdings Inc. Provides Update on Its 1st Quarter Filings

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Toronto, Ontario–(Newsfile Corp. – July 3, 2020) – City View Green Holdings Inc. (CSE: CVGR) (OTCQB: CVGRF) (“City View” or the “Company“), trading through the facilities of the Canadian Securities Exchange (“CSE“) under the symbol “CVGR” and on the OTCQB® under the symbol “CVGRF” – Following its press releases of April 28, 2020, and May 28, 2020, the Company is providing a further update on the status of filing of its first-quarter consolidated interim financial statements, accompanying management’s discussion and analysis, and related CEO and CFO certificates for the three month period ended March 31, 2020 (collectively, the “First-Quarter Filings“).

On March 18, 2020, the Canadian Securities Administrators announced that they would provide issuers with a 45-day filing extension for filings required on or before June 1, 2020, as a result of COVID-19 pandemic. As such, the Ontario Securities Commission has enacted Ontario Instrument 51-502 – Temporary Exemption from Certain Corporate Finance Requirements dated March 23, 2020 (“OI 51-502“). In its April 28 and May 28, 2020 press releases, the Company announced its reliance on the exemption with respect to extending the deadline of filing its First Quarter Filings, which are required to be filed by June 1, 2020 under sections 4.3 and 4.4 of National Instrument 51-102 – Continuous Disclosure Obligations. The Company is continuing to work diligently and currently expects to have the First-Quarter Filings filed on or prior to the extended filing deadline of July 16, 2020.

As required by OI 51-502, and similar Instruments and Orders enacted in British Columbia and Alberta, the Company discloses the following:

  • Until such time as the Company has filed the First-Quarter Filings, members of management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

  • The Company confirms that there have been no material business developments, other than those announced through news releases, since June 15, 2020, when the Company filed its audited financial statements for the fiscal year ended December 31, 2019.

About City View

City View Green is a leading cannabis-infused food company focused on the development of food brands, extraction and distribution. Upon the anticipated receipt of its Cannabis Act processing and sales licences (“Cannabis Licences“), City View will incorporate cannabis-infused food production and extraction at its Brantford, Ontario facility. Once operational, it is our expectation that City View will produce high quality cannabis-infused food, oils, distillates, and water-soluble products for the food and beverage markets. In addition, City View owns a 19.9% stake in Budd Hutt Inc. (“Budd Hutt“), a retail-focused cannabis company with access to cannabis cultivation and production licences in Alberta and other retail opportunities across Canada. Through its relationship with Budd Hutt, the Company anticipates securing shelf space, product placement, and distribution opportunities for City View’s products. For more information visit www.cityviewgreen.ca.

For further information contact:
City View Green Holdings Inc.
Rob Fia, CEO & President
Email: rob@cityviewgreen.ca

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements which are not composed of historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, availability and costs of financing needed in the future, changes in equity markets, delays in the development of projects, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59129

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Red Light Holland Names Medical and Scientific Division

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Toronto, Ontario–(Newsfile Corp. – July 3, 2020) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (“Red Light Holland” or the “Company“), an Ontario-based corporation positioning itself to engage in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market within the Netherlands, is pleased to announce the naming and establishment of its medical and scientific division, “Scarlette Lillie Science and Innovation.” The establishment of Scarlette Lillie Science and Innovation marks an early move by Red Light Holland, to position itself to expand its business into the medical psychedelics market in the future, at such time as market and regulatory conditions present a viable business opportunity.

“While we are focusing on the recreational truffles market in the Netherlands, we are also keen on the medical market, in which we see tremendous future opportunities for Red Light Holland to help make a larger, positive change in the world,” said Todd Shapiro, the Company’s Chief Executive Officer and Director. “Scarlette Lillie Science and Innovation is named after Scarlette, my nine-month old daughter, and Lillie, the daughter of the Company’s President, Hans Derix. And so this is indeed a very proud day for both the Company, and for Hans and myself. As fathers, we want to see a better future for both of them, and for your family’s as well. We firmly believe we need more research and development into psilocybin and its potential benefits. We absolutely look forward to being an official part of that process,” added Mr. Shapiro.

Scarlette Lillie Science and Innovation is expected to be funded by a portion of Red Light Holland’s available funds from time to time, and once operational, is expected to allow Red Light Holland to initiate and expedite various science, innovation and research activities focused on, among other things, exploring the potential medical and health benefits of psilocybin and whole fungi-medicine.

Dr. Joseph Geraci, Advisor of Red Light Holland and Chief Executive Officer of Netramark Corp., added: “I’m pleased to help advise and work closely with Scarlette Lillie Science and Innovation. This division aligns tremendously well with the over two decades of efforts that I’ve personally and professionally made within neuroscience, psychiatry and important research and data collection. I believe that working with psilocybin can have an impact in helping with mood disorders and beyond. I look forward to being a part of this synergistic mission to prove these theories out, and I’m also excited to introduce my contacts from the science and medical fields to our team of visionaries.”

About Red Light Holland Corp.

The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal, recreational market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.

For additional information on the Company:

Todd Shapiro
Chairman and Chief Executive Officer
Tel: 647-204-7129
Email: todd@redlighttruffles.com
Website: https://redlighttruffles.com/

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company will be able to execute on its business plan and/or enter into the medical psychedelics market as proposed, (ii) the Company will receive one or multiple licenses, permits, and authorizations from time to time necessary to execute on its business plan and/or enter into the medical psychedelics market, (iii) the Company’s financial condition and development plans do not change as a result of unforeseen events, (iv) there will continue to be a demand, and market opportunity, for the Company’s product offerings, (v) the Company will be able to establish, preserve and develop its brand, and (iv) the Company will be successful in attracting and retaining required personnel), although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59094

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Tree of Knowledge International Corp. Provides Bi-Weekly Default Status Report

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Toronto, Ontario–(Newsfile Corp. – July 2, 2020) –  Tree of Knowledge International Corp. (CSE: TOKI) (the “Company” or “TOKI“) is providing a bi-weekly default status report (the “Default Status Report“) in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) and further to the Company’s press release dated June 19, 2020.

On June 1, 2020, the Company announced (the “Default Announcement“) that, for the reasons disclosed in the Default Announcement, the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2019 (the “Annual Filings“) would not be completed by the prescribed filing deadline.

As a result of these delays and as further disclosed in the Company’s press releases, the Company proactively applied to its principal regulator, the Ontario Securities Commission (“OSC“), for a management cease trade order (“MCTO“), and the OSC granted the MCTO to the Company. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Annual Filings have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company’s board of directors and its management confirms that they are working expeditiously to meet the Company’s filing obligations and expect to file the Annual Filings on or about July 15, 2020.

As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement and any subsequent press release disclosure there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.

Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. To the extent applicable, the Company is scheduled to file its next default status report in two weeks from the date hereof.

For further information please visit: www.tokicorp.com

Or contact: Tree of Knowledge International Corp.

Ashley Villarruel, (647) 607-9044), ashley@tokicorp.com

About Tree of Knowledge

TOKI is a public company that delivers pathways to innovative, science-based health and wellness solutions. The Company is a leader in pain management, spanning from seed to patient. Built upon an extensive network of scientific and medical research, TOK is an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief. Tree of Knowledge spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programs – all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59090

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